At 9 am, the local currency slipped to 4.5640/5680 against the greenback against 4.5585/5595 at yesterday’s close. —Photo Reuters

Wednesday September 21, 2022 09:47 GMT

KUALA LUMPUR, September 21 – The ringgit slipped to a new all-time low against the US dollar at the open on Wednesday, breaking through the 4.5600 level on lower oil prices, coupled with the strengthening greenback, said a dealer.

At 9 am, the local currency slipped to 4.5640/5680 against the greenback against 4.5585/5595 at yesterday’s close.

At press time, the benchmark Brent crude oil price fell 0.29% to US$90.36 a barrel.

ActivTrades trader Dyogenes Rodrigues Diniz said the US dollar remains bullish ahead of the Federal Open Market Committee (FOMC) interest rate decision in the US later today.

He said the market expects the interest rate to be raised by 75 basis points (bps) to 3.25% per annum.

“If this forecast turns out to be correct, it is likely that the dollar will pull back against the ringgit at first, as the market has already priced in this scenario.

“On the other hand, if the US Federal Reserve raises the interest rate more than expected to 3.5% per year, the dollar could continue its upward movement against the ringgit towards the 4.6000 level”, he told Bernama.

Meanwhile, the ringgit was trading against a basket of major currencies.

It fell against the Japanese Yen to 3.1758/1788 from 3.1725/1734 at yesterday’s close and edged lower against the Singapore Dollar to 3.2357/2388 from 3.2341/2353 previously.

However, the local rating appreciated against the British pound to 5.1893/1938 from 5.2049/2060 on Tuesday and rose against the euro to 4.5462/5502 from 4.5608/ 5618 previously. —Bernmaa